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Fawaz Alhokair incurs losses of SAR 128.1m in Q3-20/21

Fawaz Alhokair incurs losses of SAR 128.1m in Q3-20/21
The move to losses was driven by lower gross profits and other income by 39% and 72.8%, respectively.
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Riyadh – Mubasher: Fawaz Abdulaziz Alhokair Company suffered net losses of SAR 128.1 million in the third quarter (Q3) of fiscal year (FY) 2020/2021, against net profits of SAR 36.1 million in the corresponding quarter a year earlier.

The move to losses was driven by lower gross profits and other income by 39% and 72.8%, respectively, according to a bourse filing on Wednesday.   

Meanwhile, selling, general, and administrative expenses hiked by 36.6%, and Zakat and income tax expenses leapt by 114.2%.

Revenue for the three-month period ended on 31 December 2020 grew by 4.6% yearly, reaching SAR 1.3 billion.

During the first nine months of FY20/21, the Tadawul-listed firm turned to net losses of SAR 761.9 million, versus net earnings of SAR 234.3 million in the prior-year period.